Military Financial Statistics
Many of the military financial statistics presented highlight military financial hardships representative of the average person across the U.S. (review the NFEC’s financial literacy statistics). Unlike civilians, men and women in uniform have added pressure to maintain strong financial positions. Military financial surveys highlight high debt and financial issues may impede servicemembers’ promotability and flag them as security risks.
The NFEC supports the financial education of enlisted personnel, reservists, and veterans through the American Dream Movement, giving complimentary resources to organizations serving the individuals who serve our country. In addition to complimentary materials and military financial statistics, the NFEC also make available more comprehensive military personal finance packages that include financial education instructor and military financial counselor training, with lesson plans built around military financial literacy training requirements (Sec. 992).
According to USAA/Blue Star Families, 21% of active-duty spouses who are unemployed had actively sought work within four weeks of taking the survey. The military spouse unemployment rate is 16%, four times the rate for all adult women.
Military financial hardships also extend to financial behaviors. If respondents had access to $1,000 interest-free credit, 45% said they would use it for big or unexpected purchases; 12% would use it for gifts for the holidays, family birthdays, weddings and events. Servicemembers filed complaints about debt collections almost twice as often in 2015 as the general population did (46% vs. 26%), says the Consumer Financial Protection Bureau. About 44% of CFPB’s debt collection complaints from servicemembers involved attempts to collect debt that the servicemembers believed they didn’t owe.